Clock Inserts

[Devin Wilson]

Kevin got my clocks yesterday and they were in great shape. Now to pick out a few patterns and get them made. Thank you again for the fast shipping and also the ideas.

Also thank you JT for the suggestions and tips. 

[teachnlearn]

7 hours ago, JimErn said:

Inventory (any and all assets actually)  is always at cost, so that is what is insured.  Retail value is nebulous to an accountant or insurance companies

Studied science and business and account are a major downfall for me. So where does that put multimillion-dollar artwork? Although more controlled scrollsaw work could be classified as an art and handwork. RJ

[kmmcrafts]

5 hours ago, Devin Wilson said:

Kevin got my clocks yesterday and they were in great shape. Now to pick out a few patterns and get them made. Thank you again for the fast shipping and also the ideas.

Also thank you JT for the suggestions and tips. 

Thank you, Now the projects begin, LOL.. Hoping you find some great uses for those clocks..   

[JimErn]

1 hour ago, teachnlearn said:

Studied science and business and account are a major downfall for me. So where does that put multimillion-dollar artwork? Although more controlled scrollsaw work could be classified as an art and handwork. RJ

if you pay one million for a picture, then that is your cost.

What the market value is does not impact cost. 

If you are a millionaire and can waste that kind of money, then there are insurance companies who will quote you a very high premium for what ever replacement cost you want to name.  The key is stated replacement cost here.

Even homeowners ins is written on cost, actually cost less depreciation, unless you pay an additional premium for replacement value insurance

[teachnlearn]

1 hour ago, JimErn said:

if you pay one million for a picture, then that is your cost.

What the market value is does not impact cost. 

If you are a millionaire and can waste that kind of money, then there are insurance companies who will quote you a very high premium for what ever replacement cost you want to name.  The key is stated replacement cost here.

Even homeowners ins is written on cost, actually cost less depreciation, unless you pay an additional premium for replacement value insurance

Our insurance if Vets and all they did was ask us to estimate what it would cost for damage and replacement for theft or fire then gave us a price. Absolute guess of looking around and we probably overvalued.  We are looking to getting a house in the future and the whole insurance/tax bit is going to hit. Til then my wife pays policy for an apartment and car. Have yet to grasp the categories and columns of accounting and business. Had one accounting course in high school with green ledgers and whatever column books.  One column was to equal the other when added is all I Remember. Went to Quickbooks and Turbotax and answer the tax questions. RJF

[Coachmike]

Just a thought.  If you incorporate and pay yourself a salary, then that could be part of the cost of your inventory.  Labor plus the materials and the overhead.  But that could cost you more than it is worth.

Mike